On Monday June 6, 2016, sky bank Plc was reported to have fired an outrageous number of its staff. The bank fired not less than 200 staffs. This happend almost 24 after the minister of Labour and employment, Chris Ngige asked banks to suspend retrenchment. Chris Ngige had ordered banks to stop sacking their staff.
The Minister had given the reasons why the financial institutions had to hold on with the suspension. He went ahead to cite petitions asking the banks to suspend their motives regarding any suspension for now until after the stake holders meeting which will take place on 2nd July.
Though barely few hours of giving this order by the minister of labour, Chris Ngige, Sky banks still went ahead to flout it by sacking its staffs.
the banking sector has laid off over a hundred staff with full benefits paid to affected staff.
The minister clearly stated that the financial institution should stop sacking their staff and one that is found flouting this order will face the full wroth of the law. He said, “ Following spate of petitions and complaints from stakeholders in the banking, insurance and financial institutions, I hereby direct the suspension of the on-going retrenchment pending the outcome of the conciliatory meetings in the industry,” he had said in a statement late Friday.
‘n this wise, all the retrenchments and redundancies done in the last four months and all proposed ones should be put on hold pending the outcome of the proposed stakeholders’ summit for the banking, insurance and financial institutions’ employers and employees, slated for July 2,’ he stressed.
Hopefully banks will hold their peace while waiting for the out come of the stakeholders meeting which will hold on July second